Rise Broadband, the Englewood, CO-based provider of broadband services across 16 states, announced on Wednesday that it has completed its acquisition by GI Partners, a U.S.-based private equity firm that invests in data infrastructure businesses. With the acquisition, GI Partners is committing new capital to improve customer experience and accelerate Rise Broadband’s rollout of fiber-to-the-home services for rural American homes and businesses.
According to the Wireless Internet Service Providers Association, Rise Broadband is one of the largest independent fixed wireless ISPs in the U.S., serving primarily rural communities. Jim O’Brien, CEO, and the current executive team will continue leading Rise Broadband.
“Rise Broadband is committed to connecting communities across our vast network footprint by providing best-in-class service to our customers and to delivering advanced high-speed broadband,” comments O’Brien. “We are eager to partner with the GI Partners team as we embark on a new phase of growth, driven by significant investment in our hybrid fiber-to-the-home and fixed wireless network.”
“Rise Broadband provides essential broadband connectivity with a focus on customers in rural America. We are excited to partner with Jim O’Brien and the Rise team to execute a multi-year, fiber-based network expansion effort,” says Brendan Scollans, Managing Director, and Co-Head of GI Data Infrastructure. “Rise’s existing network infrastructure is uniquely positioned to execute a fiber expansion effort that will provide rural communities with next generation broadband service.”
Barclays acted as financial advisor to Rise Broadband and Bryan Cave Leighton Paisner acted as legal counsel. Stifel acted as financial advisor to GI Partners and Simpson Thacher & Bartlett acted as legal counsel. Financial terms were not disclosed.
GI Partners, a private investment firm headquartered in San Francisco, has $35 billion in assets under management and invests on behalf of institutional investors around the world through its private equity, real estate, and data infrastructure strategies.
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